Today’s EUR/USD Signals

Short Trade

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1500.

Put the stop loss 1 pip above the local swing high.

Adjust the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

Long Trades

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1430 or 1.1416.

Put the stop loss 1 pip above the local swing high.

Adjust the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

EUR/USD Analysis

I wrote yesterday that the price looked just a little more bullish than it did before, and that if the price could trade above the new key resistance level at 1.1430, it would have a chance to continue up to 1.1500. The price never quite made it to 1.1500 but did continue to rise over the London session, so this was not a bad call. In fact, the Euro was the major gainer yesterday against the Dollar, and the daily close at the end of the New York session was the highest we have seen for about two and a half months. However, the Dollar gained some ground over the Asian session, and the range is back in effect.

This pair is starting to get interesting and is hinting at starting a major bullish movement but would need to break above 1.1500 first. Long trades might be a good idea if there are strong bounces at the nearby support above 1.1400 and I would take a bullish bias today if we got such a bounce later after London opens.There is nothing of high importance due today concerning either the EUR or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.